Statistics: GDP, up 4.1pct in 2019

As against the same quarter of 2018, the Gross Domestic Product recorded an increase by 4.3% for unadjusted series and by 4.2% for seasonally adjusted series;

The seasonally adjusted series of quarterly Gross Domestic Product were readjusted as a result of the revision of the estimates for Q1-Q4 2019, no significant differences being recorded as compared to the version published in the Press release no. 61 of March 10, 2020.

Romania's gross domestic product (GDP) increased by 4.1pct in 2019, to 1,059 billion lei in current prices, compared to the previous year, according to provisional data (2) published on Tuesday by the National Institute of Statistics (INS).

As gross series, the same indicator estimated for last year was almost 1,060 billion lei in current prices, higher - in real terms - by 4.1pct compared to 2018.

According to the INS data, the estimated GDP for the fourth quarter of 2019, as seasonally adjusted series, stood at 275.347 billion lei current prices, up (in real terms) by 1.5pct compared to the third quarter of 2019, respectively by 4.2 pct compared to the fourth quarter of 2018.

Also, the estimated GDP for the fourth quarter of 2019, as an adjusted series, was 321.360 billion lei at current prices, up 4.3pct compared to the fourth quarter of 2018, in real terms.

"By categories of resources, in 2019, the GDP dynamics did not change in provisional version (2) compared to provisional version (1), and that of the gross added value increased by 0.1 percentage points (from 103.5pct). The gross added value registered major changes in: construction (+0.5 percentage points), from 116.8pct to 117.3pct; retail and wholesale; repair of motor vehicles and motorcycles; transport and storage; hotels and restaurants (+0.3 percentage points), from 104.8pct to 105.1pct," the INS press release shows.

In addition, the amount of net taxes on product decreased by one percentage point.

As for GDP use, the INS shows, significant changes between the two estimates regarding the contribution to GDP growth were in expenditures for the final consumption of public administration, from +1.2pct to +1.0pct, as a result of the volume decrease from 107.3pct to 106.4pct".

INS shows that the seasonally adjusted series of quarterly GDP has been recalculated as a result of the revision of the estimates for the I-IV quarters 2019, with no significant changes compared to the version published on March 10, 2020.

The seasonally adjusted series are recalculated quarterly as a result of the change of the adopted models, the number of regressors used, the modification of the gross series and the number of observations available.